Mining Explorers 2011: Ryan Gold Corp.
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Last updated 11/6/2011 at Noon
RYG: TSX-V
Chairman: Murray John
President: Shawn Ryan
CEO: Michael Skead, MAusIMM
Vice President Exploration: Ian Gendall, Pr. Sci. Nat.
Ten-year-old junior, Valdez Gold (Yukon) Inc., merged with Ryan Gold Inc. in December to form Ryan Gold (Yukon) Inc., an international natural resource company focused on identifying and successfully defining and developing mineral deposits in Canada, the United States and other geologically attractive and politically stable investment climates.
In April the new company signed purchase, royalty and employment agreements with Shawn Ryan, its new president who formerly owned Ryan Gold Inc. The deal included the purchase of 50 properties comprising about 6,558 quartz claims covering 132,697 hectares (327,894 acres) located on various prospective geological terrains throughout Yukon Territory through acquisition of Ryan's 70 percent interest in the properties and all of the issued shares of 45127 Yukon Inc., which owned the remaining 30 percent interest.
Ryan also owned all of the shares of 45127 Yukon.
With the completion of the amalgamation and subsequent financings, Ryan Gold reported plans to embark on an aggressive 2011 exploration program with a preliminary budget of C$15.4 million, which was subject to change based on ongoing exploration results. The budget included about C$4.1 million for Ida Oro, C$1.5 million for Fifty Mile, C$3.7 million for Mahtin, C$1.4 million for Nug, C$300,000 for Flume, C$300,000 for Bluff, C$2.2 million for various other projects, and C$1.8 million for corporate overhead.
The major focus of Ryan Gold's 2011 exploration program is drilling and grid, ridge and spur sampling at the Ida Oro project, and initial regional mapping and airborne geophysical surveys on the Fifty Mile, Kluane, Nug, and PDM projects.
Additional staking is also being completed to augment the company's land position in and around key existing project areas and on new projects.
Exploration began June 13.
An airborne magnetic and radiometric survey, totaling approximately 24,500 line kilometers, commenced in late July after being delayed for several weeks by inclement weather and abnormal solar magnetic storms.
The survey is part of the first stage of follow-up exploration to ridge and spur soil sampling previously completed by Shawn Ryan.
Targets identified in these programs were expected to be followed-up by more detailed soil sampling, reconnaissance mapping and, where possible, surface sampling and trenching in late 2011 and 2012.
The company envisioned collecting up to 85,000 soil samples.
Through this aggressive exploration program, the company's objective is to have at least three other projects drill-ready for the 2012 exploration season.
In July, Ryan Gold said field work at Ida Oro was progressing well and the company remained on-target to commence an initial drill program in August, with results expected in late September.
In 2010 a soil sampling program completed on Ida Oro revealed a significant (> 100 parts per billion gold) gold-in-soil anomaly over a 4-kilometer-by-1-kilometer (2.5 miles by 0.62 mile) area.
The company said detailed mapping this summer confirmed the potential of the Ida Oro soil anomaly to be a very large target.
Work on the company's other regional projects also progressed despite challenging wet weather conditions.
The company conducted regional reconnaissance mapping and limited trenching in both the Fifty Mile and Kluane project areas; and with its joint venture partner Millrock Resources Inc., completed a two-phase detailed mapping program of the Bluff Property in western Alaska.
Ryan Gold said it anticipated generating at least three other projects for drilling in the summer of 2012 from the regional work.
Though primarily focused on projects in the Yukon and Alaska, Ryan Gold also entered into an option agreement with AuRico Gold Inc. (formerly Gammon Gold Inc.) that gives Ryan Gold the right to acquire the Los Jarros and Jarros Norte Properties in Mexico.
Cash and short-term deposits: C$ 60.08 million (June 30, 2011)
Working capital: C$59.6 million (June 30, 2011)
Market capitalization: C$154.69 million (Sept. 9, 2011)
1 Adelaide St. East, Suite 2800
Toronto, ON, Canada M5C 2V9
Ph: 416 482-9038 Fax: 416 924 7997
http://www.ryangold.com 100 parts per billion gold) gold-in-soil anomaly over a 4-kilometer-by-1-kilometer (2.5 miles by 0.62 mile) area.
The company said detailed mapping this summer confirmed the potential of the Ida Oro soil anomaly to be a very large target.
Work on the company's other regional projects also progressed despite challenging wet weather conditions.
The company conducted regional reconnaissance mapping and limited trenching in both the Fifty Mile and Kluane project areas; and with its joint venture partner Millrock Resources Inc., completed a two-phase detailed mapping program of the Bluff Property in western Alaska.
Ryan Gold said it anticipated generating at least three other projects for drilling in the summer of 2012 from the regional work.
Though primarily focused on projects in the Yukon and Alaska, Ryan Gold also entered into an option agreement with AuRico Gold Inc. (formerly Gammon Gold Inc.) that gives Ryan Gold the right to acquire the Los Jarros and Jarros Norte Properties in Mexico.
Cash and short-term deposits: C$ 60.08 million (June 30, 2011)
Working capital: C$59.6 million (June 30, 2011)
Market capitalization: C$154.69 million (Sept. 9, 2011)
1 Adelaide St. East, Suite 2800
Toronto, ON, Canada M5C 2V9
Ph: 416 482-9038 Fax: 416 924 7997
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